Tata Steel Ltd declined 4.50% today to close at 105.05 apiece, JSW Steel witnessed a decline of 3.22% intraday to close at 642 apiece, Steel Authority of India dipped 4.40% to close at 78 apiece
Tata Steel declared a consolidated net profit at Rs 7,765 crore for the quarter ended June, down 12.8% over the year-ago period, in what the company described as a "challenging" quarter.
Earlier, prices of leading steel stocks soared due to the Russia-Ukraine war. Now the prices of steel stocks are falling as a result of poor demand for steel internally and from China.
In the previous month, these steel stocks gave returns between 8 to 16% to investors.
The stock of Tata Steel has fallen 7% in 1 week, 10% in 3 months, and 23% in 1 year. The stock has given multibagger return too with 214% return in 3 years and 69% return in 5 years.
The company set up its second greenfield steel plant of 3 MnTPA in the eastern state of Odisha in 2016; the expansion to 8 MnTPA in currently underway. It possesses and operates captive mines that help it maintain cost
Shares of leading steel makers such as JSW Steel Ltd, Tata Steel Ltd, Steel Authority of India Ltd and Jindal Steel Ltd witnessed sharp decline today.